Douglas Development has bought a property near Eastern Market that it sees as a long-term hold.
The developer acquired a 6,155 SF mixed-use building at 653 Pennsylvania Ave. SE for $3.65M from The Goldstar Group. Marcus & Millichap's Feldman Group brokered the deal.
The property's ground-floor retail tenant, Sanphan Thai Cuisine, recently signed a 10-year lease. The building's two residential units are vacant, and Douglas plans to make minor renovations before re-leasing them.
Sitting across the street from the Eastern Market Metro station, the property could benefit from a major new development that recently delivered one block away. The Trader Joe's opened in September at Stanton Development and Eastbanc's Hine School redevelopment, which also features a 128-unit apartment building and 156K SF of trophy office space.
